Funding Conditions

GET
/fed/v1/funding-conditions

Daily U.S. overnight funding snapshot — one row per day showing how cheap or tight it is for banks and dealers to borrow cash overnight. It pulls together the Fed's policy rates (effective fed funds rate, IORB, and the target range), SOFR—the recommended alternative to USD LIBOR—and OBFR, a measure of wholesale, unsecured overnight bank funding costs. It also includes trading volume and rate-distribution detail for SOFR and OBFR, the size of the NY Fed's overnight repo and reverse repo operations, and short-term borrowing costs for top-rated commercial paper (90-day, financial and nonfinancial).

Use Cases: Monitoring short-term funding stresses, tracking the transmission of monetary policy across secured and unsecured markets, analyzing repo and reverse-repo flows, and supporting macroeconomic and rates research.

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Plan HistoryRecords date back to July 1, 1954
Query Parameters
date
string
Calendar date of the observation (YYYY-MM-DD). Value must be formatted 'yyyy-mm-dd'.
limit
integer
Limit the maximum number of results returned. Defaults to '100' if not specified. The maximum allowed limit is '50000'.
sort
string
A comma separated list of sort columns. For each column, append '.asc' or '.desc' to specify the sort direction. The sort column defaults to 'date' if not specified. The sort order defaults to 'asc' if not specified.
Response Attributes
next_url
string
optional
If present, this value can be used to fetch the next page.
request_id
string
A request id assigned by the server.
results
array (object)
The results for this request.
date
string
optional
Calendar date of the observation (YYYY-MM-DD).
effective_fed_funds_rate
number
optional
Federal Funds Effective Rate as a percentage (DFF series from FRED); published daily.
effective_fed_funds_volume
number
optional
Total transaction volume underlying the effective federal funds rate calculation, in billions of U.S. dollars; reported on business days.
fed_funds_target_lower
number
optional
Lower bound of the federal funds target range as a percentage (DFEDTARL series from FRED); posted every calendar day.
fed_funds_target_upper
number
optional
Upper bound of the federal funds target range as a percentage (DFEDTARU series from FRED); posted every calendar day.
fed_overnight_repo_treasury_amount
number
optional
NY Fed overnight repo operation amount against Treasury collateral, in billions of U.S. dollars (RPONTSYD series from FRED); reported on business days.
fed_overnight_reverse_repo_treasury_amount
number
optional
NY Fed overnight reverse repo operation amount against Treasury collateral, in billions of U.S. dollars (RRPONTSYD series from FRED); reported on business days.
financial_commercial_paper_90d_rate
number
optional
90-day AA financial commercial paper interest rate as a percentage, quoted on a discount basis (DCPF3M series from FRED); reported on business days, with occasional source-level gaps.
interest_on_reserve_balances
number
optional
Interest rate paid on reserve balances as a percentage (IORB series from FRED); posted every calendar day.
nonfinancial_commercial_paper_90d_rate
number
optional
90-day AA nonfinancial commercial paper interest rate as a percentage, quoted on a discount basis (DCPN3M series from FRED); reported on business days, with occasional source-level gaps.
obfr_25th_percentile
number
optional
25th percentile transaction rate of the OBFR distribution as a percentage; posted on business days.
obfr_75th_percentile
number
optional
75th percentile transaction rate of the OBFR distribution as a percentage; posted on business days.
obfr_volume
number
optional
Total transaction volume underlying the OBFR calculation, in billions of U.S. dollars; reported on business days.
overnight_bank_funding_rate
number
optional
Overnight Bank Funding Rate (OBFR) as a percentage; published by the Federal Reserve Bank of New York and reported on business days.
secured_overnight_financing_rate
number
optional
Secured Overnight Financing Rate (SOFR) as a percentage; published by the Federal Reserve Bank of New York and reported on business days.
sofr_25th_percentile
number
optional
25th percentile transaction rate of the SOFR distribution as a percentage; posted on business days.
sofr_75th_percentile
number
optional
75th percentile transaction rate of the SOFR distribution as a percentage; posted on business days.
sofr_volume
number
optional
Total transaction volume underlying the SOFR calculation, in billions of U.S. dollars; reported on business days.
tgcr_25th_percentile
number
optional
25th percentile transaction rate of the TGCR distribution as a percentage; posted on business days.
tgcr_75th_percentile
number
optional
75th percentile transaction rate of the TGCR distribution as a percentage; posted on business days.
tri_party_general_collateral_rate
number
optional
Tri-Party General Collateral Rate (TGCR) as a percentage; published by the Federal Reserve Bank of New York as a repo reference rate and reported on business days.
tri_party_general_collateral_volume
number
optional
Total transaction volume underlying the TGCR calculation, in billions of U.S. dollars; reported on business days.
status
enum (OK)
The status of this request's response.
Code Examples
curl -X GET "https://api.massive.com/fed/v1/funding-conditions?limit=100&sort=date.asc&apiKey=YOUR_API_KEY"
Query URL
GET
https://api.massive.com/fed/v1/funding-conditions?apiKey=YOUR_API_KEY
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Response Object
{
  "count": 1,
  "request_id": 1,
  "results": [
    {
      "date": "2025-06-02",
      "effective_fed_funds_rate": 4.33,
      "effective_fed_funds_volume": 98,
      "fed_funds_target_lower": 4.25,
      "fed_funds_target_upper": 4.5,
      "fed_overnight_repo_treasury_amount": 0,
      "fed_overnight_reverse_repo_treasury_amount": 214.5,
      "financial_commercial_paper_90d_rate": 4.35,
      "interest_on_reserve_balances": 4.4,
      "nonfinancial_commercial_paper_90d_rate": 4.34,
      "obfr_25th_percentile": 4.3,
      "obfr_75th_percentile": 4.33,
      "obfr_volume": 305,
      "overnight_bank_funding_rate": 4.32,
      "secured_overnight_financing_rate": 4.31,
      "sofr_25th_percentile": 4.28,
      "sofr_75th_percentile": 4.32,
      "sofr_volume": 2214,
      "tgcr_25th_percentile": 4.27,
      "tgcr_75th_percentile": 4.31,
      "tri_party_general_collateral_rate": 4.3,
      "tri_party_general_collateral_volume": 1876
    }
  ],
  "status": "OK"
}
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